Stryker hunts tax cut for $92M expansion plans: 5 things to know

Stryker laid out plans to expand its industrial development district to cover an entire 79-acre site in Portage, Mich., according to mlive.com.

Here are five things to know:

1. Following its $92 million expansion plans, Stryker asked for a 12-year tax abatement. Portage City Council is set to hold a meeting June 26 to consider the device company's request.

2. Stryker's expansion will include added parking and a 253,000-square-foot addition to the south side of the current building.

3. If the abatement is approved, taxes would be cut in half on the expected $35.75 million in real property improvements. The city would forgo $1.1 million in property taxes over the 12-year period but plans to earn the lost taxes back through new tax revenue associated with the development.

4. Stryker plans to begin construction later this year and complete its expansion by the end of 2020. The device company requested the 12-year tax cut to begin after construction is complete.

5. The expansion will create 150 new jobs within two years of completion and add 260 new total jobs by 2025. Stryker currently employs around 930 people at its Portage location.